Maui 2023 Housing Market Predictions

Maui 2023 Housing Market Predictions
As we look toward the future of Maui real estate, it's essential to understand the trends and predictions that will shape the housing market in the remainder of 2023. Despite ongoing changes in pricing and inventory, moving to Maui remains a desirable goal for many, and demand for housing on the island is expected to remain sky-high. In this guide, we'll explore the key trends and housing market predictions for 2023, including current and anticipated trends alongside tips for buyers and sellers hoping to get in on the action.

Inventory is back on the rise

According to recent reports, inventory on Maui is climbing once again after a decline in 2022, which is welcome news for those who have been wanting to make their dream of living in Hawaii a reality. For several years, Maui has been a hot real estate market with limited inventory. This has resulted in soaring prices and fierce competition among buyers. Compared to numbers in 2022, inventory for single-family homes has risen by 17.4% in April and condominiums by 16.4%. Experts attribute this uptick in inventory to several factors, including a slight decrease in demand and an increase in new construction projects. However, interested buyers should note that even with more homes on the market, listings for single-family homes and condominiums combined max out at just under 470 units in total.

Price trends for single-family homes and condos

Current reports indicate that median prices for single-family homes on Maui have increased, while prices for condominiums have decreased — a trend that’s expected to continue through the remaining quarters of 2023.

The median price for a single-family home in Maui County has increased by about 1.9% in year-over-year comparisons, reaching $1.2 million as of March 2023. Whenever homes appreciate, buyers can assume there has been an upward tick in demand, a lower tick in inventory, or both. Considering Maui’s increase in inventory, demand is likely rising to match, especially for single-family properties.

For condominiums, on the other hand, demand may be lowering, as the median price has decreased by about 1.5% since March of last year, with the median price now hovering around $798,000.  The slightly lower prices for condominiums may be attractive to some buyers who are looking for more affordable options on the island. Additionally, with the recent decrease in prices, it may be a good time to invest in a condominium on Maui, particularly for those who are looking to rent out their property for additional income.

Overall, buyers interested in investing in the prestigious Maui real estate market should carefully consider their options and work with a trusted real estate professional to make the most informed decision.

Why so many are drawn to Maui

Maui has long been a coveted location for those looking to invest in upscale real estate in a gorgeous environment. With its stunning beaches, warm year-round climate, and luxury amenities, it's no surprise that many are drawn to this island paradise.

For upscale homebuyers, Maui activities offer endless opportunities for adventure, with astounding beaches, championship golf courses, world-class surfing, and scuba diving always a short drive away. Living in Maui gives residents access to the island’s vibrant culinary scene, featuring top-rated restaurants and farm-to-table cuisine. The Maui way of life offers the perfect complement to its outdoor lifestyle, and its impressively high-end luxury homes are the icing on the cake. From sprawling estates to gated communities, Maui's gorgeous real estate market provides a range of options for those seeking the ultimate in privacy and luxury. So whether it's the island's serene natural beauty, resort-style amenities, or alluring lifestyle, Maui continues to captivate homebuyers looking for a truly one-of-a-kind place to call home.

Maui's cost of living

The cost of living in Maui in 2023 is expected to remain high, as it has in previous years. Housing is one of the top expenses on the island, with the cost of utilities, including electricity, water, and internet, often being higher than in other parts of the United States. Due to the island’s remote location and reliance on imported goods, food and groceries can also be more expensive in Maui, as can dining out.

Though the cost of living in Hawaii is a factor every home buyer should consider, it’s worth it to remember that Maui's incredible scenery, tight-knit community, and historic culture make it second to none. If you’re hoping to invest this year, it's essential to carefully budget and plan your finances before making a move while keeping in mind that the cost of living can vary depending on the neighborhood or specific area in Maui. Working with a local real estate agent can help you find the right balance between cost and quality of life on Maui.

Tips for buyers

The best first step any home buyer should take is to hire a local real estate agent who knows the market well. They can help you find the right property that fits your needs and budget. Then, take the time to research the different neighborhoods, property types, and amenities offered on Maui to narrow down your search and ensure you end up in the perfect location. After that, getting pre-approved for a mortgage will give you a better idea of how much you can afford and help you stand out in a competitive market.

Tips for sellers

Similarly, for sellers, you’ll want to partner with a trusted real estate agent who can help you price your property correctly and market it to potential buyers effectively. Staging your home can make a big difference in how it's perceived by potential buyers as well, so consider hiring a professional stager to showcase your property's most compelling features. Then, it’s important to be flexible, as buyers in Maui are often looking for a second home or vacation property, meaning they may have different needs and timelines than traditional buyers. Be open to negotiating on closing dates or other terms.

Work with Kevin Spaise

If you’re considering buying or selling a Maui home in 2023, work with highly acclaimed Realtor Kevin Spaise to make the process smooth and straightforward. As a local real estate expert with over 20 years of experience, Kevin has helped numerous clients achieve their real estate goals on this incredible island. With his expertise by your side, you can easily navigate the current housing market, find the perfect property, and get the best possible deal.

When you’re ready to learn more about your next steps or make a move to Maui, contact Kevin Spaise for expert guidance.

*Header photo courtesy of Kevin Spaise

Work With Kevin

Whether you're just starting to explore the options and want a quick overview of the areas and pricing, or specific properties have caught your attention, I would so appreciate the opportunity to share my knowledge and insight with you. Warm Aloha!